It’s Time. Name Guardians, Sign Your Powers of Attorney, and Get Your Basic Estate Planning Done (!).

Tonight I will meet with some friends to help them finish a task they’ve been meaning to do for, well, years:

Get a Will

Name Guardians for Our Children

Figure Out What the Heck Powers of Attorney & Living Wills Are and Maybe Get One? Or Two?

Maybe some of you can relate …

You’re adults. You have young children. You know you should have those basic estate planning documents, but oh! Those pesky lawyers are so expensive. And you’re just barely living month-to-month financially, so what does it really matter anyway?

It. Matters.

Not just because you have young children–but because so many of the financial medical issues that you may be facing one day are wisdom issues. They are not black and white. They are gray!

You value life. Great.

But you’re not afraid of heaven. Wonderful!

You know that humans beings have immense worth because they have souls and they are created in God’s image … so you don’t judge people based on their intellectual or physical abilities. But. What does that mean when a doctor turns to you (or your loved one) and asks: What do you want me to do if your heart stops beating?

What about gifting away even the limited financial assets you have if you and your family were to die in an accident without warning. Are you making wise decisions re: the tax implications of your retirements accounts? Will the equity in your house go to your unbelieving parents or siblings (and maybe even lead to their destruction if they are addicts who are currently using and for whom a huge financial windfall would actually be one of the most unloving things that could ever happen to them)?

If you have your documents in order. (Great job!) Are they up-to-date? Do your executors hear from you on a regular basis so that they know the names and addresses of the ministries and individuals that you want to distribute to? Do they know your logins and passwords for Quicken & your financial institutions? Can they easily find your insurance policies?

Are you confident that your children will go to a Christian family that will love them and pray for them and raise them in Christ and help them believe in the goodness of God, even as they are facing the unimaginable grief of losing both of their parents?

Maybe you can answer all of these questions with a happy, “Yes!’ Maybe your loved ones know your desires. Maybe you have all of the documents and files ready to go. But if so, that would be a statistical anomaly.

Most of us haven’t had these hard discussions yet. Most of us haven’t drafted and executed the required legally-binding documents. Yet.

But maybe this summer is the summer to get these things done! Maybe we can crank out this basic estate planning stuff and hope that none of it is ever needed for a long, long time.

Here is where I’m starting with my friends this evening …

(This is based on a Sunday School class that the wonderful Deacon Fred Barthel did one year. I was his happy, former estate-planning attorney sidekick.)

I hope it is a blessing to you and that it helps you to get this important task done.

(You can do it! You can do it! If you don’t have tax implications, it’s really not that hard. Not like COOKING A MEAL hard or anything. 🙂 ! )

With love from your friend,
Tara B.

BASIC ESTATE PLANNING IDEAS
(!!Not to be Construed in ANY Way as Legal Advice!!)

Here are my notes for today’s “(Actually!) Setting Your House in Order” Sunday School class. We’re tackling the topic of BASIC ESTATE PLANNING:

INTRODUCTION

1. Disclaimers/Goals:

a. It’s been a long time since Tara has practiced law as an estate planning attorney—and even when she was actively licensed: a) it was in Illinois, not Montana; and b) she practiced in a highly specialized area of the law (high net worth/charitable estate planning), not general practice. Therefore …

b. This Sunday School Class is NOT going to provide you with any specific legal advice. Either you will research, prepare, and execute your documentation yourselves (without legal counsel) or you will need to hire an attorney to assist you.

c. That being said, we really hope that these classes on basic estate planning will help you, encourage you, and that by the end of the class semester, those of you who want and need basic estate planning documentation will have what you need to get started and/or make some serious progress on your estate plan.

2.Other Resources:
 , to help you to organize your finances and plan your estate.

b. There is also a plethora of helpful, basic estate planning books available at the library and through any bookseller. If you want to go deeper into these topics, pick one up! The basics are really not that difficult to understand.

c. In addition, just to get us started on these topics, I’ve copied off a bunch of documentation off of the internet that is free / in the public domain and I will be sharing those documents with you in these classes. Please bring this ‘estate planning packet’ back with you to all of our classes on estate planning! I will not have extra copies of documents available at future classes.

3. Biblical Principles: As we progress through these estate planning classes, please brings up questions and ideas related to how biblical principles apply to these topics. We surely do not have all of the answers for you! But in line with our corporate goal of glorifying God in all we do, we truly hope that this class will be a safe environment to consider such things. We’ll get us started along these lines with:

ARTICLES ON ESTATE PLANNING TO HELP YOU

1. Consider what basic estate planning is and why estate planning might be important so that you can prayerfully come to your own convictions re: what your goals and intentions are.

Handout #1: Basic Estate Planning Fact Series—Introduction – Estate planning objectives include arranging for the well-being of your loved ones and yourself while you are living and after your death.’ This includes both personal relationships and financial considerations.

Pages 9, 10, 11 help you (and your spouse if you are married) to discuss your goals re: estate planning.

(NOTE: Many of the documents I have copied for you are Ohio State University Fact Sheets so they do not provide state-specific information for Montana.)

2. Understand the ‘Big Picture’ of the basic estate planning documents (and consider another—The Letter of Instruction):

Handout #2: Basic Estate Planning Documents

3. Think/talk through the common steps to creating an estate plan:

Handout #3: Estate Planning in Montana: Getting Started

(NOTE: The “Steps in Estate Planning” and (Page 3) “What My Attorney Should Know” are particularly helpful sections.)

MORE ARTICLES IF YOU’RE NOT FEELING OVERWHELMED
(!!Don’t Read These if You are Feeling Overwhelmed!!)

4. Take time in the next few weeks to make your estate planning a priority. Read some of the supporting documentation I’ve provided for you—or other resources that you find/purchase. Come back to class with your questions so that we can help you to get ready to either do your own documentation or meet with an attorney.

Handout #4: Why Have a Will?

Handout #5: Power of Attorney — What is it? Should I have one? / Living Wills, Health-Care Proxies, and Advanced Health Care Directives / What is a Fiduciary / Who Can Serve as Fiduciaries / How to Choose a Personal Representative / Choosing a Health Care Agent for Your Advance Medical Directive

Handout #6: Letter of Instruction

Handout #7: How to Calculate the Value of Your Gross Estate

Handout #8: Sample Estate Planning Calculations

Handout #9: When Does a Revocable Living Trust Make Sense / Trusts

FINAL THOUGHTS FROM TARA

1. Understand the big picture / basic documents

2. If you have MINOR CHILDREN—don’t delay! (You don’t want the courts deciding this issue. This is especially important if your family members do not share your worldview/convictions.)

3. Know your gross estate value closely enough to determine if you have tax issues and if you do, ALWAYS hire an attorney.

4. Even if you don’t THINK you have ‘money issues’—consider HOW you are distributing TAX-DEFERRED ASSETS especially if you have charitable intents.

5. It is a MUCH higher likelihood that you or your spouse will become incapacitated. Be sure to plan for DISABILITY (insurance / powers of attorney).

6. This is why your FIDUCIARIES are SO important. Don’t just pick your ‘oldest son/child’. Read the documentation I’ve given you and THINK/PRAY about it.

7. No matter WHAT—you’ve GOT to start talking about this stuff. With your spouse. With your CHILDREN. With your HEIRS / potential guardians / powers of attorney. It’s awkward, yes, but you have to do it.

8. Don’t be taken in by the ‘TRUSTS FIX EVERYTHING’ advertisements. Read the documentation I’ve provided you and be wise.

9. Regularly REVIEW and UPDATE your estate plan.